FORMER Prime Minister Cesar Virata, who also served as Finance chief of the Philippines for 16 years – including the tumultuous, difficult years before the 1986 Edsa Revolution-passed away on October 2 at the age of 95, Rizal Commercial Banking Corp. (RCBC) announced on Friday.
‘It is with deep sorrow that the Bank announces the passing of Mr. Cesar E.A. Virata, our Corporate Vice Chairperson/Director, today, October 2,2026,’ RCBC said in a statement on Friday.
‘Mr. Virata was a valuable part of the organization being a Director of the Bank since 1995 and has been the Board’s Corporate Vice Chairperson for 26 years,’ the bank said.
Virata was also a member of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP)-coinciding with his term as Minister of Finance from 1970 to 1986 under the administration of former President Ferdinand Marcos Sr.
During his term as Finance chief, Virata also represented the Philippines as governor to both international financial institutions World Bank and Asian Development (ADB).
Virata also served as the dean of Business Administration at the University of the Philippines in 1960.
‘During his term, the Master of Business Administration was instituted, and the MBA [part time program] was first offered in UP Diliman,’ the website of UP Virata School of Business noted.
In a statement, the Management Association of the Philippines (MAP) said it will always remember Virata as ‘a paragon of statesmanship and management excellence for nation-building, and as a Filipino whose deep love of country was reflected in a lifetime of service.’ It recalled conferring upon PM Virata the ‘MAP Management Person of the Year’ award in 1981, in recognition of his distinguished management career in both the private and the public sectors.
‘Throughout his long and distinguished career, PM Virata exemplified the highest ideals of professional management and public service. As Minister of Finance and later as Prime Minister, he demonstrated exceptional stewardship of the Philippine economy, guided by managerial competence, professionalism, and an unwavering sense of responsibility to the nation.
‘His leadership stands as an enduring example of how integrity, competence, and principled leadership can be placed in the service of the greater good. His life and career remind us that true leadership is not measured merely by position or authority, but by the trust we earn, the responsibilities we faithfully carry, and the lasting contributions we make to our country,’ MAP concluded.